The former chairperson of Chinese state-owned bank China Everbright Group has been arrested on suspicion of embezzlement and bribery, state media reported Monday, citing prosecutors' statements, in a development that comes amid an intensified campaign against corruption.
The investigation into Tang Shuangning, the former party secretary and chairperson of China Everbright Group, has ended. The case would be "transferred to the procuratorate for review and prosecution," China's Supreme People's Procuratorate said in a statement.
Tang, 69, was expelled from the Chinese Communist Party earlier this month over violations of disciplines and laws amid a crackdown on corruption in China's financial sector. He retired in 2017.
Other allegations against him include weakening the party's leadership over the bank, failing to prevent and defuse financial risks, "privately reading publications with serious political problems and resisting organizational scrutiny," the party-run newspaper Global Times cited the Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission as saying.
Earlier this month, Chinese President Xi Jinping pledged to intensify a crackdown on graft in the finance, energy and infrastructure sectors, part of a longstanding campaign against corruption since he came to power in 2012.
As of April 2022, 4.7 million people had been punished for corruption, according to state-owned media reports.
Tang served as vice president of the China Banking Regulatory Commission from 2003 to 2007 before he was appointed chairperson of China Everbright Group. He was first investigated in July.
His successor, Li Xiaopeng, was also suspected of graft, expelled from the party, and removed from public office.
Others who have been punished for graft include Sun Guofeng, a former Chinese central bank senior official, who was sentenced to over 16 years in prison for accepting bribes.
Sun Deshun, former president of state-owned China CITIC Bank, was sentenced to life imprisonment for accepting over $130 million in bribes during his career.
Another finance executive, Zhang Hongli, who was a former senior executive of the Industrial and Commercial Bank of China, China's biggest bank, has also been investigated for graft.